Despite declines in underlying prices, U.S.-listed spot crypto ETFs attracted strong net inflows on Wednesday, according to a report from JPMorgan.
Both ether (ETH) and bitcoin (BTC) products continued to garner investor interest despite price drops. Spot ether ETFs recorded approximately $84 million in net inflows on May 28, even as ether’s price slipped 1.3%, JPMorgan noted in its Thursday report.
BlackRock’s iShares Ethereum Trust (ETHA) led ether inflows with $52 million, followed by Fidelity’s Ethereum Fund (FETH) at $26 million. Grayscale’s mini ETH Trust and Invesco/Galaxy’s QETH added $5 million and $2 million, respectively.
Trading activity also remained strong for ether ETFs, with a notional volume of $459 million—well above the post-launch daily average of roughly $375 million since their July 2024 debut.
On the bitcoin side, spot ETFs attracted an estimated $431 million in net inflows, driven largely by BlackRock’s iShares Bitcoin Trust (IBIT), which alone saw $479 million of new investment.
These gains were partially offset by outflows from ARK 21Shares Bitcoin ETF (ARKB), which declined by $34 million, and Fidelity’s FBTC, with $14 million in redemptions.
Bitcoin’s price fell 2.1% on Wednesday, yet total trading volumes remained elevated at $3.5 billion—well above the group’s average daily volume of $2.8 billion since January 2024.
According to a Bloomberg report on Thursday, investors appear to be shifting from gold to bitcoin ETFs, with U.S. bitcoin funds receiving $9 billion in inflows over the past five weeks, compared to $2.8 billion in outflows from gold-backed funds.
